New car insurance policy?
I just signed my car insurance policy and made my down payment on September 3. I was told my first payment would automatically come out of my bank on October 3 and I was fine with that. I get up this morning and notice they already took the first payment, today. Is this common practice or is it supposed to be the very next month?
A little background an possibly the reason they "might" have took it. My husband signed with this company August 2012 and November 2012 they sent him a cancellation notice because of me. So he resigned the policy and excluded me and everything was great. So we had to get me something else to drive (people's inability to drive left my car totaled because they pulled out in front of me) so we went to an insurance broker and the company my husband was already with gave us the best deal so we (both of us) got full coverage on my car with this company. Again, he stated our first payment will be due October 3. Is there any reason it came out just two weeks after signing the policy?
Comments
You are going to have the insurance agent and find out what happened. There's no reason for the company to withdrawal the money from the account so far in advance.
Could be a number of reasons. If your agent did not take a large enough deposit, the company would need to get the minimum to get the policy going.
You need to call your agent and have him/her figure it out; there are too many different scenarios of what could have happened.
What you were told means nothing. What did the insurance contract you signed say about when the withdrawal would happen?
The most likely reason, is that they "uprated" your policy when they ran the verification reports. You'll have to call them and ask.